HFF Closes $24M Sale of Lafayette Retail Center
- Jan 12, 2016
Lafayette, La.—HFF has recently closed the $24 million sale of a 224,768-square-foot power center in Lafayette, La.
An HFF investment sales team led by senior managing directors Richard Reid, Jim Hamilton and Ryan West represented the seller, Kimco Realty Corp., in the transaction.
“Acadiana Square is the premier retail destination in Lafayette, Louisiana, which is located at one of the most heavily trafficked intersections in the MSA and is also located directly across the street from the super-regional Acadiana Mall,” Hamilton said.
A joint venture between DRA Advisors and RCG Ventures LLC purchased the asset free and clear of debt. Scott Tarbet, vice president of acquisitions for RCG, together with Brett Gottlieb, director of acquisitions for DRA, represented the partnership in the deal.
“DRA is excited to acquire this quality asset, as the immediate upside and long-term credit of the tenant roster were very appealing and allows us to continue to expand our platform with RCG across several markets,” Gottlieb said.
Located at 5700 Johnston St., at the intersection of Johnston Street (U.S. Highway 167) and Ambassador Caffery Parkway, Acadiana Square was 91 percent leased at the time of sale. Tenants include T.J. Maxx, PetSmart, Office Depot, Home Furniture Co., Party City, and shadow anchors Michaels, Toys ‘R’ Us, Babies ‘R’ Us, Hobby Lobby, and Mardel Christian & Education.
Images courtesy of RCG Ventures